Nothing wrong with a bit of preventive maintenance. A teaspoon full of oil down the plug holes a la compression test will not do any harm. But with 240k on the clock you have probably lost a bit down past the valve guides and dont need to add any? Of course, with a lot of oil in the cylinders the car will not want to start when you have fixed the fuel pump. So I wouldnt bother turning it over any more. As Tiger says, fix the fuel pump. Then you dont have to worry about corrosion and you get to drive the car :-)
Oct '00 E46 330i. Feb '92 525i (departed)